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Published in House and Home on Thursday, December 9th 2010 at 11:55 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
WAUKEGAN, Ill.--([ BUSINESS WIRE ])--At todaya™s Annual Meeting of Stockholders held in Chicago, WMS Industries Inc. (NYSE: WMS) Chairman and Chief Executive Officer, Brian R. Gamache, reported to attendees that WMS is well positioned to extend its track record of profitable growth. At the meeting, WMS stockholders elected a Board comprised of nine current directors and ratified the appointment of Ernst& Young as the Companya™s independent registered public accounting firm for the fiscal year ending June30, 2011. The elected directors will serve for a term expiring at WMSa™ 2011 Annual Meeting.
"Best in class compared to our three largest competitors."
Gamache credited WMSa™ talented, creative and passionate worldwide workforce for growing the Companya™s ship share and revenues and improving its operating execution and operating margin, which collectively contributed to the record fiscal 2010 financial results, adding that WMS was the only major gaming supplier to achieve revenue growth during the period. He added that WMS is continuing its momentum in revenue growth as reflected in the performance to date in Fiscal 2011.
Gamache noted that over the twelve month period ended September 30, 2010, among the four major slot suppliers, WMSa™ ship share of new gaming machines shipped to customers in the U.S. and Canada averaged about 31%, up from 25% in the prior twelve month period. He added that the ship share growth coupled with ongoing international and gaming operations revenue growth during the same period drove a 9% increase in total revenues, which was, aBest in class compared to our three largest competitors.a
WMSa™ improvements in financial performance and ongoing progress on the Company-wide aJourney to Greatnessa has enabled WMS to emerge as an aEmployer of Choicea which is being recognized by the media and other independent third parties. In November, the Chicago Tribune recognized WMS in their first survey as The #1 Best Workplace in the Chicago metropolitan area in the large company category; and Forbes recently named WMS one of aAmericaa™s Best 100 Small Companiesa based on a combination of financial performance measures over a 1- and 5-year period, such as revenue and earnings growth, return on equity and comparative stock performance. Following last montha™s Global Gaming Exposition, the industrya™s major global trade show held in Las Vegas, media outlets and industry analysts noted that WMS had established a position as the gaming equipment industry aThought Leadera by once again demonstrating a wide array of original, innovative and industry-leading products.
Looking forward, Brian Gamache indicated, aWith a broad portfolio of high-earning, player-appealing products; a long-term global growth potential driven by the opening of new jurisdictions and new markets and an improving industry replacement rate; and our continued focus on enhancing our operating execution, I firmly believe WMS is well positioned to extend its track record of profitable growth in the years ahead.a
The nine directors re-elected by shareholders are Louis J. Nicastro (Founding Director), Brian R. Gamache (Chairman), Edward W. Rabin, Jr. (Lead Director), Robert J. Bahash, Patricia M. Nazemetz, Neil D. Nicastro, Ira S. Sheinfeld, Bobby L. Siller and William J. Vareschi, Jr. Harold H. Bach, Jr. previously notified WMS of his intention to retire from the Board at the 2010 Annual Meeting and as such did not stand for re-election. Mr. Bach will become a Director Emeritus of WMSa™ Board of Directors.
About WMS
WMS is engaged in serving the gaming industry worldwide by designing, manufacturing and marketing games, video and mechanical reel-spinning gaming machines, video lottery terminals and in gaming operations, which consists of the placement of leased participation gaming machines in legal gaming venues. WMS is proactively addressing the next stage of casino gaming floor evolution with its WAGE-NET networked gaming solution, a suite of systems technologies and applications designed to increase customersa™ revenue generating capabilities and operational efficiency. More information on WMS can be found at [ www.wms.com ] or visit the Company on [ Facebook ], [ Twitter ] or [ YouTube ].
This press release contains forward-looking statements concerning our future business performance, strategy, outlook, plans, products and liquidity. Forward-looking statements may be typically identified by such words as amay,a awill,a ashould,a aexpect,a aanticipate,a aplan,a alikely,a abelieve,a aestimate,a aproject,a and aintend,a among others. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. Although we believe that the expectations reflected in our forward- looking statements are reasonable, any or all of our forward-looking statements may prove to be incorrect. Consequently, no forward-looking statements may be guaranteed.
Factors which could cause our actual results to differ from expectations include (1) delay or refusal by regulators to approve our new gaming platforms, cabinet designs, game themes and related hardware and software; (2) a failure to obtain and maintain our gaming licenses and regulatory approvals; (3) an inability to introduce in a timely manner new games and gaming machines that achieve and maintain market acceptance; (4) a decrease in the desire of casino customers to upgrade gaming machines or allot floor space to leased or participation games, resulting in reduced demand for our products; (5) a reduction in capital spending or interruption in payments by casino customers associated with business weakness or economic uncertainty that adversely affects our customers' ability to make purchases or pay; (6) a reduction in play levels of our participation games by casino patrons, whether due to economic conditions or increased placements of competitive product; (7) inability of suppliers of key components to timely meet our requirements to fulfill customer orders; (8) failure of customers or players to adapt to the new technologies that we introduce in new product concepts; (9) a software anomaly or fraudulent manipulation of our gaming machines and software; (10) a failure to obtain the right to use, or an inability to adapt to rapid development of new technologies; (11) an infringement claim seeking to restrict our use of material technologies; and (12) the unfavorable outcome of any legal proceedings in which we may be involved from time to time. These factors and other factors that could cause actual results to differ from expectations are more fully described under aItem 1. Business-Risk Factorsa and aLegal Proceedingsa in our Annual Report on Form 10-K for the year ended June 30, 2010 and our more recent reports filed with the Securities and Exchange Commission.